Australian entrepreneur plans to open a crypto bank

One of the founders of Finder.com, 26-year-old entrepreneur Fred Schebesta plans to open a cryptocurrency bank in Australia. In his opinion, interest in the cryptocurrency is growing in the country and very soon people will need an institution that can meet their needs in this area.

In an interview with representatives of the Australian portal News.com.au Schebesta said that he was not worried about the current price of Bitcoin. People called Bitcoin bubble always - no matter how much it cost at that time - $ 1,000, $ 100 or just $ 1.

Because of the volatility of Bitcoin prices and other cryptocurrencies, some believe that interest in the cryptocurrency has decreased. However, Schebesta is sure that people are disappointed by the sudden drop in prices, and this does not mean a decrease in interest in general. As well as many supporters of Bitcoin, he believes that the main cryptocurrency has a similarity to gold.

According to the businessman, now people should take a wait and see attitude and observe the development of events.

The future of Schebesta's cryptocurrency is seen in the rainbow color. He is going to open a cryptocurrency bank in Australia and intends to do it in 18 months. Since he will need a depository institution license (ADI) for this, he plans to cooperate with one of the Australian banks. The entrepreneur has already purchased shares of Goldfields Money Bank, as this is the only Australian bank that has the ADI license.

"As crypto adoption takes off … people are going to [need] certain services [like] custodianship, cold storage, escrow, exchange and spending." He also believes that in the near future, crypto-loans will be in demand.

On the other hand, Schebesta notes that Australian banks are afraid of cryptocurrency, and considers unfair their unwillingness to work with cryptocurrency users. He believes that people will understand the value of digital currencies after they face problems from traditional financial institutions. And even if the cryptocurrency is not a panacea, it will in any case be a large part of the financial ecosystem. "That's why I'm hedging Finder," he says.

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